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Written by: Jim Cramer02/02/13 - 11:14 AM EST

Tickers in this article:
FB KEY SAP

NEW YORK ( TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he discussed:

why the current market is not that bad; and

the bull and bear cases for Facebook.

Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.

All day today I wanted to be bearish. I read Doug's columns and I found them very persuasive. Plus, I can't say I am crazy about a setup based on various short squeezes all over the place like the ones in the cloud and the ones in semiconductors, although they sure passed by Broadcom (BRCM) .

But I keep coming back to how broad-based this whole rally is. I keep thinking, like my friend and colleague at TheStreet Matt Horween, that we may be just forming a gigantic, well-rounded base. As he just pointed out to me, we have not really surged if you look at a long-term monthly chart.

Plus it is not like we are seeing froth all over the place. They aren't running up bogus biotech or small-cap semiconductors or device stocks that don't make sense.

Instead these are mostly backing-and-filling advances with pockets of selling that are quickly met with buyers, although usually not as fast as Facebook (FB) was today.

To me the buy-on-a-pullback view is something that people espouse, but don't really do. I heard lots of people talking about buying Facebook and Blackberry (still Research In Motion (RIMM) at the moment) on pullbacks, but when they get them they want more of a pullback. You just aren't getting that "more of a pullback" that would make it so easy to join the advance.

To me, the best way to look at this market is with the stocks of the companies I had on "Mad Money." We got a sell on KeyCorp (KEY) from Bernstein today and the stock barely got hit and then came back and next thing you know I am listening to the CEO and I am thinking "How could a guy put a sell on a stock this cheap?"

Or Bill McDermott, the Co-CEO of SAP (SAP) , comes on and, you know what, I think he's allowed to give his hard sell and deserves it when you consider the growth that he is having now in Europe and the share he is taking from everyone else. If only that stock would pull back? I doubt it. We just had a pullback to $77 and it lasted about as long as the blink of an eye.